XRP Price on Its Way to $0.87 if It Fails to Break This Resistance

If XRP fails to break and hold above the mid-February resistance area, the price could correct further toward the $0.87 low.

XRP’s recent price action shows weakness after peaking around $1.6 on March 17. The asset has since trended downward, breaking key trendlines and losing its structural support. Notably, the current movement is part of a broader ABC sub-wave within a broader Wave 2 structure. 

After completing sub-wave A at $1.43, the price is expected to drop toward $1.40 to $1.41 for sub-wave B before a final push to $1.51 in sub-wave C. However, unless XRP breaks and holds above $1.65, the overall structure points to a larger Wave 3 decline toward $0.87. The last time XRP retested $1.65 was in mid-February.

Key Points

• XRP peaked near $1.6 on March 16 before entering a downtrend that led to a low around $1.40 on March 24.
• Price has broken below a key consolidation trendline and now trades under two major trendlines.
• The current recovery is part of a Wave 2 ABC bounce, with sub-wave A reaching $1.43, and the current sub-wave B expected to drop to $1.40.
• Data shows a possible recovery to $1.51 for sub-wave C, aligning with key Fibonacci resistance levels and the end of Wave 2.
• If XRP completes Wave 2 at $1.51 to $1.55 and fails to breach $1.65, the corrective Wave 3 could push prices to a low of $0.87.

XRP Still Weak Despite Wave 2 Bounce

Market analyst Casi shared this data while analyzing XRP’s short-term price movements. Notably, the data shows XRP has been trading within a 3-wave structure on the short-term 15-minute timeframe since hitting the $1.6 high on March 17.

After this peak, XRP saw sustained declines amid the ensuing pullback, eventually dropping to a low of $1.36 by March 23. This marked the end of the corrective Wave 1. Now, XRP trades within the Wave 2 bounce, which in itself features a smaller ABC sub-structure. 

The A sub-wave pushed prices to a high of $1.43 earlier today, March 24. With sub-wave A now complete, XRP has slipped into sub-wave B. Casi expects this next step to push the price down to the $1.40 to $1.41 range. This area aligns with a key support zone and also sits close to the 0.5 Fibonacci level at $1.4136.

XRP Still Weak Below Key Trendlines

Meanwhile, the chart shows a projected move down into this zone before any further rise. At the same time, the RSI indicator is still trending upward, with readings around 59, and a clear rising trendline. 

This suggests the bounce still has some strength. However, Casi warned that once this RSI trendline breaks, the upward momentum will likely end, and a stronger drop could begin.

Right now, the structure looks weaker because XRP is trading below two key trendlines. It has already broken under a consolidation trendline that had held for weeks. That same line is now acting as resistance. 

In addition, price sits below both the descending resistance line and the ascending support line. Casi pointed this out, explaining that the loss of this trendline support is a strong sign that the market is still leaning bearish.

Failure to Break $1.65 Keeps $0.87 in Focus

If XRP holds above $1.40 for the B sub-wave, the chart points to one more move higher in sub-wave C. This final leg could take price into the $1.51 to $1.55 range, which would complete the full Wave 2 correction. This target zone is important because it matches several resistance levels, including the 0.618 Fibonacci level at $1.5141 and the 0.786 level at $1.5551.

This same area also acted as resistance earlier, when XRP struggled before breaking down. As a result of this, the zone between $1.51 and $1.55 stands out as a strong barrier. Casi believes this is where the current bounce could end if the broader trend remains unchanged.

Casi clarified that the bearish outlook only changes if XRP can break above $1.65 and stay there. This level sits near a higher resistance zone and aligns with a broader Fibonacci level around $1.6352. Without a strong move above this area, the market structure remains bearish.

If XRP fails to break this resistance and completes the Wave 2 pattern, the next move would likely be a Wave 3 drop. The chart shows this as a sharp decline that could push the price well below recent lows. Casi’s main downside target is $0.87, which she sees as the next major support level.